Published on 5/9/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million 18.9% reverse convertibles linked to IndyMac
New York, May 9 - Barclays Bank plc priced $5 million of 18.9% reverse convertible notes due Nov. 9, 2007 linked to IndyMac Bancorp, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if IndyMac stock stays at or above the protection price of $23.54, 75% of the initial price of $31.38, during the life of the notes or finishes at or above the initial price. Otherwise, the payout will be 31.867431 shares of IndyMac stock.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
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| Underlying stock: | IndyMac Bancorp, Inc.
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| Amount: | $5 million
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| Maturity: | Nov. 9, 2007
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| Coupon: | 18.9%, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par in cash if IndyMac stock stays at or above the protection price of $23.54 or finishes at or above the initial price; otherwise 31.867431 shares of IndyMac stock
|
| Initial price: | $31.38
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| Protection price: | $23.54, 75% of $31.38
|
| Exchange ratio: | 31.867431
|
| Pricing date: | May 8
|
| Settlement date: | May 11
|
| Agent: | Barclays Capital
|
| Fees: | 1.625%
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